Could someone secretly take out a life insurance policy on me?

Safeguards built into the life insurance application process would make it extremely difficult for someone to secretly take out a policy on your life.

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When someone applies for a life insurance policy, there are several requirements that help prevent secret policies. They include:

Insurable interest. The person taking out the life insurance policy must have an "insurable interest" in you. Basically, that means he or she must be at risk of a financial loss if you die. Examples of people with an insurable interest in your life include your spouse, blood-related family member or a business partner.

Medical exam or release of medical information. Most life insurance policies require medical information about the person whose life is being insured. Unless you sign a release or undergo a medical exam, your medical information cannot be accessed without your knowledge.

Your signature. Life insurance policies usually require consent via your signature. Most insurance companies also follow up with paperwork, an e-mail or a phone call.

Technically, it might be possible for someone to successfully commit fraud and take out a secret policy on your life. But this is extremely unlikely and would involve actions such as someone getting a hold of allinsurance company correspondence and forging your signature.

Some businesses also offer group life insurance where it's possible to take out a policy on your spouse. But such policies typically do not have substantial payouts and are unlikely to inspire a nefarious scheme.

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